Tadawul Review: 

Tadawul All Share Index (TASI) ended the session on Tuesday up by +109 points (+0.9%) to close at the 12,405 levels. TASI opened the session with a gains of 4 points and continued to rise gradually throughout the session untll the end. In general, 12 out of 20 sectors closed in the green zone, while 129 shares rose and 83 fell.  Banks (+1.5%), Energy (+2.6%), and Telecom (+0.7%) sectors contributed the most to the index rise. Stockwise, Aramco (+2.8%), Al Rajhi Bank (+1.1%), and Saudi National Bank (+1.9%) were the major contributors. The trading activity witnessed an increase in volume and value of +3% and +4%, respectively, to reach 388mn shares and SAR11.5bn in value traded.

 

 

 

Market Wrap International:

In the U.S., stocks fell on Tuesday following the hotter-than-expected inflation data for January which drove up Treasury yields and raised doubts about multiple rate cuts by the Federal Reserve. The S&P 500 recorded losses of -1.4% for the day, with all of 11 sectors falling. Similarly, the Nasdaq composite also saw a negative trend, closing down by -1.8%. Oil prices edged up on Tuesday as uncertainty over fighting in the Middle East kept markets on edge.

In Europe, The Stoxx Europe 600 index recorded a decline of -0.9% on Tuesday as investors are bullish, no longer expecting a recession as confidence in the economy grow. At the same time, the FTSE 100 fell by -0.8%, despite British pay growth being the weakest in over a year at the end of 2023, the slowdown is unlikely to spur the Bank of England into quicker action towards cutting interest rates.

In Asia, despite Chinese indices being closed, equities saw gains driven by a rally in semiconductor and technology stocks. This positive momentum lifted markets in Korea and Japan, with the TOPIX index climbing by +2.1% and the Nikkei 225 rising by +2.9%. Additionally, the KOSPI index in South Korea experienced a 1.1% increase.